DELBACO
ActiveSummary
DELBACO has been active since 1975 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €1.3m and a net result of €130,285. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 45% of 61 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2026
Axes · tick = 2025
Profitability81=
Solvency51▼-49
Growth23▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity short (current ratio 0.57 against 0.78 in 2025; short-term debt: 40.4% and cash: 0.2% of total assets), and 73.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
26.4%
Return on assets
2.6%
Age of the figures
8 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-01-2026 was due by 31-08-2026 and was filed on 23-07-2026, 39 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2026
39 d early
2025
45 d early
2024
43 d early
2023
55 d early
2022
47 d early
2021
35 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 44 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-01-2027 and is due by 31-08-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-01-2027 close31-08-2027 deadline
History
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Financials · fiscal year 2026, full schema, statutory accounts
Turnover
€404,179▼ 47.7%
2025 · €773,450
EBIT margin
45.6%▼ 19.5pp
2025 · 65.1%
Net result
€130,285▼ 77.6%
2025 · €582,483
Working capital
-€884,440▼ 24.1%
2025 · -€712,598
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Turnover€816,000▼ 15.3%€836,800▲ 2.5%€772,400▼ 7.7%€773,450▲ 0.1%€404,179▼ 47.7%
Operating result€62,105▼ 78.2%-€81,608-€76,142▲ 6.7%€503,613€184,212▼ 63.4%
Net result€26,084within the sector's middle half▼ 86.2%€2.9mabove the sector's middle half▲ 10,938%€243,826above the sector's middle half▼ 91.5%€582,483above the sector's middle half▲ 139%€130,285▼ 77.6%
EBIT margin7.6%▼ 21.9pp-9.8%▼ 17.4pp-9.9%▼ 0.1pp65.1%▲ 75.0pp45.6%▼ 19.5pp
Equity€17.8mabove the sector's middle half▼ 4.3%€16.2mabove the sector's middle half▼ 8.9%€16.5mabove the sector's middle half▲ 1.5%€17.1mabove the sector's middle half▲ 3.5%€1.3m▼ 92.1%
Total assets€19.4mabove the sector's middle half▼ 5.4%€22.4mabove the sector's middle half▲ 15.3%€22.7mabove the sector's middle half▲ 1.5%€22.3mabove the sector's middle half▼ 1.7%€5.1m▼ 77.2%
Debt€964,816▼ 22.4%€5.6m▲ 480%€5.8m▲ 2.8%€4.8m▼ 16.5%€3.4m▼ 30.0%
Working capital€898,623▼ 47.1%-€1.0m-€1.1m▼ 3.2%-€712,598▲ 33.0%-€884,440▼ 24.1%
Solvency91.9%above the sector's middle half▲ 1.1pp72.5%above the sector's middle half▼ 19.3pp72.5%above the sector's middle half=76.4%above the sector's middle half▲ 3.9pp26.4%▼ 50.0pp
Staff (FTE)7.8above the sector's middle half▼ 4.9%6.9above the sector's middle half▼ 11.5%7.8above the sector's middle half▲ 13.0%7.1above the sector's middle half▼ 9.0%3.3▼ 53.5%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2026; 2026 is 63% below 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €5.1m
Fixed assets
€3.9m ▼ 80.2%
Current assets
€1.2m ▼ 53.1%
Equity and liabilities €5.1m
Equity
€1.3m ▼ 92.1%
Provisions
€386,226 ▼ 16.6%
Debt
€3.4m ▼ 30.0%
Debt's share of the balance-sheet total rises from 21.5% to 66.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€597,217▼
2025 · €924,429
Cash flow
€543,291▼
2025 · €1.0m
Current ratio
0.57▼
2025 · 0.78
Debt to equity
2.50▲
2025 · 0.28
ROE
9.7%▲
2025 · 3.4%
ROA
2.6%▼
2025 · 2.6%
Interest coverage
15.11▼
2025 · 18.96
Debt ≤ 1 year
€2.1m▼
2025 · €3.2m
Debt > 1 year
€1.3m▼
2025 · €1.6m
Income taxes
€138,675▼
2025 · €164,811
Staff costs
€286,203▼
2025 · €599,421
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,972 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,972 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €1.3m | €1.4m | €1.5m | €1.8m | €1.2m | ▼ 32.5% |
| Turnover70 | €816,000 | €836,800 | €772,400 | €773,450 | €404,179 | ▼ 47.7% |
| Other operating income74 | €439,825 | €568,626 | €695,969 | €767,919 | €787,233 | ▲ 2.5% |
| Non-recurring operating income76A | - | - | - | €244,356 | €13,500 | ▼ 94.5% |
| Operating charges60/66A | €1.2m | €1.5m | €1.5m | €1.3m | €1.0m | ▼ 20.4% |
| Services and other goods61 | €323,698 | €497,154 | €434,218 | €199,983 | €269,618 | ▲ 34.8% |
| Remuneration, social security and pensions62 | €561,991 | €595,480 | €677,634 | €599,421 | €286,203 | ▼ 52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €253,508 | €356,890 | €378,471 | €420,817 | €413,006 | ▼ 1.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €3,994 | -€3,994 | €0 | - | - | - |
| Other operating charges640/8 | €50,529 | €41,505 | €54,188 | €61,892 | €51,875 | ▼ 16.2% |
| Operating profit (loss)9901 | €62,105 | -€81,608 | -€76,142 | €503,613 | €184,212 | ▼ 63.4% |
| Financial income75/76B | €1,970 | €3.0m | €345,217 | €277,750 | €47,630 | ▼ 82.9% |
| Recurring financial income75 | €1,970 | €3.0m | €277,437 | €277,750 | €47,630 | ▼ 82.9% |
| Income from financial fixed assets750 | - | €3.0m | €247,754 | €199,750 | €19,900 | ▼ 90.0% |
| Income from current assets751 | €1,970 | €740 | €29,545 | €78,000 | €27,730 | ▼ 64.4% |
| Other financial income752/9 | - | - | €139 | €0 | - | - |
| Non-recurring financial income76B | - | - | €67,779 | €0 | - | - |
| Financial charges65/66B | €17,945 | €30,373 | €30,372 | €51,093 | €39,524 | ▼ 22.6% |
| Recurring financial charges65 | €17,945 | €30,373 | €30,372 | €51,093 | €39,524 | ▼ 22.6% |
| Debt charges650 | €16,198 | €27,027 | €28,168 | €48,752 | €39,524 | ▼ 18.9% |
| Other financial charges652/9 | €1,746 | €3,345 | €2,204 | €2,340 | €0 | ▼ 100.0% |
| Profit (loss) for the period before taxes9903 | €46,130 | €2.9m | €238,702 | €730,270 | €192,318 | ▼ 73.7% |
| Transfer from deferred taxes780 | €42,612 | €60,797 | €68,445 | €78,112 | €76,643 | ▼ 1.9% |
| Transfer to deferred taxes680 | - | - | - | €61,089 | €0 | ▼ 100% |
| Income taxes67/77 | €62,658 | €40,363 | €63,321 | €164,811 | €138,675 | ▼ 15.9% |
| Taxes670/3 | €62,658 | €40,363 | €64,000 | €165,865 | €138,976 | ▼ 16.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | €679 | €1,055 | €301 | ▼ 71.5% |
| Profit (loss) for the period9904 | €26,084 | €2.9m | €243,826 | €582,483 | €130,285 | ▼ 77.6% |
| Transfer from tax-exempt reserves789 | €149,087 | €182,390 | €205,334 | €234,337 | €114,964 | ▼ 50.9% |
| Transfer to tax-exempt reserves689 | - | - | - | €183,267 | €12,630 | ▼ 93.1% |
| Profit (loss) for the period to be appropriated9905 | €175,171 | €3.1m | €449,160 | €633,552 | €232,619 | ▼ 63.3% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €19.4m | €22.4m | €22.7m | €22.3m | €5.1m | ▼ 77.2% |
| Fixed assets21/28 | €18.1m | €19.1m | €19.8m | €19.8m | €3.9m | ▼ 80.2% |
| Tangible fixed assets22/27 | €1.9m | €2.9m | €3.8m | €3.5m | €3.2m | ▼ 8.4% |
| Land and buildings22 | €1.9m | €2.8m | €3.4m | €3.4m | €3.0m | ▼ 11.4% |
| Furniture and vehicles24 | €20,699 | €38,799 | €23,734 | €29,202 | €129,842 | ▲ 345% |
| Assets under construction and advance payments27 | - | €3,130 | €412,809 | €3,130 | €3,130 | = |
| Financial fixed assets28 | €16.3m | €16.3m | €16.0m | €16.3m | €746,941 | ▼ 95.4% |
| Affiliated companies280/1 | €16.3m | €16.3m | €16.0m | €16.3m | €746,941 | ▼ 95.4% |
| Participating interests280 | €16.3m | €16.3m | €16.0m | €16.3m | €746,941 | ▼ 95.4% |
| Current assets29/58 | €1.3m | €3.2m | €2.9m | €2.5m | €1.2m | ▼ 53.1% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €377,262 | €3.2m | €1.5m | €477,595 | €52,086 | ▼ 89.1% |
| Trade receivables40 | €339,104 | €151,853 | €63,381 | €421,628 | €1,728 | ▼ 99.6% |
| Other amounts receivable41 | €38,158 | €3.1m | €1.4m | €55,967 | €50,359 | ▼ 10.0% |
| Current investments50/53 | - | - | - | €2.0m | €1.1m | ▼ 45.0% |
| Other investments51/53 | - | - | - | €2.0m | €1.1m | ▼ 45.0% |
| Cash at bank and in hand54/58 | €866,272 | €2,672 | €1.4m | €17,539 | €12,295 | ▼ 29.9% |
| Deferred charges and accrued income490/1 | €7,963 | €25,347 | €10,333 | €8,437 | €8,622 | ▲ 2.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €19.4m | €22.4m | €22.7m | €22.3m | €5.1m | ▼ 77.2% |
| Equity10/15 | €17.8m | €16.2m | €16.5m | €17.1m | €1.3m | ▼ 92.1% |
| Contributions10/11 | €10.4m | €6.0m | €6.0m | €6.0m | €595,716 | ▼ 90.0% |
| Capital10 | €10.4m | €6.0m | €6.0m | €6.0m | €595,716 | ▼ 90.0% |
| Issued capital100 | €10.4m | €6.0m | €6.0m | €6.0m | €595,716 | ▼ 90.0% |
| Reserves13 | €7.4m | €10.3m | €10.5m | €11.1m | €750,430 | ▼ 93.2% |
| Non-distributable reserves130/1 | €370,806 | €523,889 | €546,347 | €578,347 | €59,572 | ▼ 89.7% |
| Legal reserve130 | €370,806 | €523,889 | €546,347 | €578,347 | €59,572 | ▼ 89.7% |
| Tax-exempt reserves132 | €1.8m | €1.6m | €1.4m | €1.4m | €12,630 | ▼ 99.1% |
| Distributable reserves133 | €5.2m | €8.1m | €8.5m | €9.1m | €678,228 | ▼ 92.6% |
| Provisions and deferred taxes16 | €613,127 | €548,337 | €479,892 | €462,869 | €386,226 | ▼ 16.6% |
| Provisions for liabilities and charges160/5 | €3,994 | €0 | - | - | - | - |
| Pensions and similar obligations160 | €3,994 | €0 | - | - | - | - |
| Deferred taxes168 | €609,133 | €548,337 | €479,892 | €462,869 | €386,226 | ▼ 16.6% |
| Amounts payable17/49 | €964,816 | €5.6m | €5.8m | €4.8m | €3.4m | ▼ 30.0% |
| Amounts payable after more than one year17 | €611,900 | €1.3m | €1.8m | €1.6m | €1.3m | ▼ 17.8% |
| Financial debts170/4 | €611,900 | €1.3m | €1.8m | €1.5m | €1.3m | ▼ 11.1% |
| Credit institutions173 | €611,900 | €1.3m | €1.8m | €1.5m | €1.3m | ▼ 11.1% |
| Other amounts payable178/9 | - | - | - | €120,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €352,874 | €4.3m | €4.0m | €3.2m | €2.1m | ▼ 36.0% |
| Current portion of amounts payable after more than one year42 | €222,506 | €318,768 | €380,910 | €318,055 | €162,500 | ▼ 48.9% |
| Trade debts44 | €14,875 | €43,661 | €52,132 | €75,043 | €28,790 | ▼ 61.6% |
| Suppliers440/4 | €14,875 | €43,661 | €52,132 | €75,043 | €28,790 | ▼ 61.6% |
| Taxes, remuneration and social security45 | €115,493 | €107,970 | €133,495 | €102,932 | €0 | ▼ 100% |
| Taxes450/3 | €14,131 | €15,448 | €20,056 | €8,805 | €0 | ▼ 100% |
| Remuneration and social security454/9 | €101,362 | €92,522 | €113,439 | €94,127 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €3.8m | €3.4m | €2.7m | €1.9m | ▼ 31.4% |
| Accrued charges and deferred income492/3 | €41 | €51 | €51 | €43 | €706 | ▲ 1,529% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,084 | €2.9m | €243,826 | €582,483 | €130,285 | ▼ 77.6% |
| + Depreciation and write-downs630 | €253,508 | €356,890 | €378,471 | €420,817 | €413,006 | ▼ 1.9% |
| Operating cash flow (approximation) | €279,592 | €3.2m | €622,297 | €1.0m | €543,291 | ▼ 45.8% |
| Investment in fixed assets (approximation) | - | -€1.3m | -€1.0m | -€437,343 | €15.5m | ▲ 3,640% |
| Change in cash | - | -€863,600 | €1.4m | -€1.4m | -€5,244 | ▲ 99.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
23-07
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
27-02
State Gazette act
Capital & shares · RestructuringShare issue · Capital · Demerger8 facts ▸
State Gazette act
Capital & shares · Restructuring
Share issue · Capital · Demerger8 facts ▸
- Share issue, 1,000053836 nieuwe aandelen voor één bestaand aandeel, 18576
- Capital, €5.957.058,25
- Demerger, partial split by incorporation
- Capital decrease, €5.361.342,32
- Name change, DELBACO
- Power of attorney, Frederik DE WAELE
- Power of attorney, Luc VAN VYVE
- Shareholder waiver, Alle aandeelhouders hebben afstand gedaan van het opstellen van een omstandig schriftelijk verslag door de raad van bestuur en van een schriftelijk controlevers…
2025
12-08
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
19-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
04-08
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
07-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
31-01
Financial
Highest result since 2019net €2.9m ▲10,938%
Net result €2.9m, the highest in the series.
2022
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
15-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
31-01
Financial
Weakest financial yearnet €26,084 ▼86.2%
Net result drops to €26,084, the lowest in the series; recovery starts the following year.
2021
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
2020
31-01
Financial
Liquidity times 5current ratio 6.15
Current ratio from 1.21 to 6.15; short-term debt falls from €1.1m to €330,447.
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
15 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kortrijk · 1 establishment unit since 1975
Ground area
3.6 ha
Building footprint
1.8 ha
Volume, LiDAR
131,168 m³
2 parcels, Flanders · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Theo Nuyttenslaan 5, 8540 Deerlijk
since 19752.038.272.579
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34392C0592/00F002 | Flanders | 3.2 ha | 1 · 1.8 ha | 12.2 m · 2 fl. |
| 34022E0226/00F002 | Flanders | 3,937 m² | 1 · 300 m² | 12.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-01-2026 list no shareholders, and no other source names one.
Holdings 1
-
99.98%
According to the annual accounts to 31-01-2026 of DELBACO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionSplit off to:FosCo
Capital and shareholders
Capital over the years
- 27-02-2026 Capital reduction of 5,361,342.32 EUR · to 595,715.93 EUR
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 2,918 EUR awarded · 2,918 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 2,918 EUR | 2,918 EUR |
Schemes
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Identification & contact
Identification
Legal formPublic limited company
Founded23-09-1975
Fiscal year end31-01
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0415427937
Also
9925:BE0415427937
Registered
03-09-2024
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.